ESPN shows limited interest in increasing F1 rights fees

Formula One is wrapping up negotiations for media rights, and it looks like ESPN might not be upping their game. Reports suggest that ESPN isn’t keen on paying more than the $85 million it currently shells out annually. This news could leave the door wide open for a new contender, like Apple TV+.

It’s not just ESPN’s lack of interest that’s making headlines, though. Bernstein, an equity research firm, hinted that a significant increase in F1 media rights fees could be on the horizon. That’s a big deal, especially when ESPN isn’t looking to pay more. So, it’s understandable why Apple TV+ is being tossed around as a potential suitor.

Formula One races, while thrilling, aren’t the easiest to monetize. The odd timing of races in the US and the absence of commercials during broadcasts limit advertising opportunities for networks. And, despite initial excitement after the success of Netflix’s “Drive to Survive,” viewership numbers for Formula One have plateaued. This makes the F1 rights a bit of a tough sell.

But Apple TV+ might just be the perfect fit for Formula One. With their ad-free streaming service and a dedicated fan base, it could be a match made in racing heaven. Plus, with big projects like “F1: The Movie” featuring Brad Pitt in the mix, Apple TV+ is already making moves in the world of Formula One.

According to reports, Formula One could be announcing its next US media partner soon, and all signs are currently pointing away from ESPN and towards Apple. It’s an exciting time for F1 fans and streaming enthusiasts alike!